Notes :
By introducing a ’legal tender’ status for issued banknotes, there was no longer a need for
them to be redeemable in gold. The opportunity was taken with this change to reduce the size of the note to a more
manageable size. Other innovations were the addition of an oval displaying the watermark profile of the Prince of
Wales (later to become famous as the King who abdicated - Edward VIII) , and another
watermark – ONE POUND – behind each signature.